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2020-08-06 11:45:00

U.S. INTERNATIONAL TRADE DEFICIT $50.7 BLN

U.S. INTERNATIONAL TRADE DEFICIT $50.7 BLN

U.S. BEA - August 5, 2020 - U.S. International Trade in Goods and Services, June 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $50.7 billion in June, down $4.1 billion from $54.8 billion in May, revised.

U.S. International Trade in Goods and Services Deficit
Deficit: $50.7 Billion -7.5%°
Exports: $158.3 Billion +9.4%°
Imports: $208.9 Billion +4.7%°

Next release: September 3, 2020

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, August 5, 2020

 
Exports, Imports, and Balance (exhibit 1)
June exports were $158.3 billion, $13.6 billion more than May exports. June imports were $208.9 billion, $9.5 billion more than May imports.
The June decrease in the goods and services deficit reflected a decrease in the goods deficit of $4.0 billion to $72.2 billion and an increase in the services surplus of $0.1 billion to $21.5 billion.

Year-to-date, the goods and services deficit decreased $23.1 billion, or 7.8 percent, from the same period in 2019. Exports decreased $199.1 billion or 15.7 percent. Imports decreased $222.3 billion or 14.2 percent.

Three-Month Moving Averages (exhibit 2)

The average goods and services deficit increased $2.8 billion to $51.8 billion for the three months ending in June.

  • Average exports decreased $10.6 billion to $151.4 billion in June.
  • Average imports decreased $7.9 billion to $203.1 billion in June.

Year-over-year, the average goods and services deficit increased $1.0 billion from the three months ending in June 2019.

  • Average exports decreased $59.1 billion from June 2019.
  • Average imports decreased $58.1 billion from June 2019.

Exports (exhibits 3, 6, and 7)

Exports of goods increased $13.0 billion to $102.9 billion in June.

  Exports of goods on a Census basis increased $12.9 billion.

  • Automotive vehicles, parts, and engines increased $4.9 billion.
    • Automotive parts and accessories increased $1.8 billion.
    • Passenger cars increased $1.7 billion.
  • Capital goods increased $3.8 billion.
    • Civilian aircraft increased $0.6 billion.
    • Other industrial machinery increased $0.6 billion
    • Telecommunications equipment increased $0.5 billion.
    • Electric apparatus increased $0.5 billion.
  • Industrial supplies and materials increased $2.8 billion.
    • Fuel oil increased $0.8 billion.
    • Other petroleum products increased $0.5 billion.
    • Crude oil increased $0.4 billion.

  Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $0.6 billion to $55.4 billion in June.

  • Transport increased $0.4 billion.
  • Other business services increased $0.1 billion.

Imports (exhibits 4, 6, and 8)

Imports of goods increased $9.0 billion to $175.0 billion in June.

  Imports of goods on a Census basis increased $8.5 billion.

  • Automotive vehicles, parts, and engines increased $9.7 billion.
    • Passenger cars increased $4.1 billion.
    • Automotive parts and accessories increased $2.7 billion.
    • Trucks, buses, and special purpose vehicles increased $2.1 billion.
  • Consumer goods increased $4.7 billion.
    • Cell phones and other household goods increased $1.1 billion.
    • Gem diamonds increased $0.7 billion.
    • Cotton apparel and household goods increased $0.5 billion.
    • Artwork and other collectibles increased $0.5 billion.
  • Capital goods increased $2.2 billion.
    • Computers increased $0.8 billion.
    • Telecommunications equipment increased $0.4 billion.
    • Electric apparatus increased $0.4 billion.
  • Industrial supplies and materials decreased $8.3 billion.
    • Nonmonetary gold decreased $5.9 billion.
    • Finished metal shapes decreased $2.9 billion.

  Net balance of payments adjustments increased $0.5 billion.

Imports of services increased $0.5 billion to $33.9 billion in June.

  • Transport increased $0.3 billion.
  • Other business services increased $0.1 billion.
  • Charges for the use of intellectual property increased $0.1 billion.

Real Goods in 2012 Dollars – Census Basis (exhibit 11)

The real goods deficit decreased $5.2 billion to $81.0 billion in June.

  • Real exports of goods increased $13.1 billion to $120.0 billion.
  • Real imports of goods increased $7.8 billion to $201.0 billion.

Revisions

Revisions to May exports

  • Exports of goods were revised down $0.1 billion.
  • Exports of services were revised up $0.3 billion.

Revisions to May imports

  • Imports of goods were revised up less than $0.1 billion.
  • Imports of services were revised up $0.4 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

The June figures show surpluses, in billions of dollars, with South and Central America ($1.8), United Kingdom ($1.3), Hong Kong ($1.0), OPEC ($0.5), and Brazil ($0.4). Deficits were recorded, in billions of dollars, with China ($26.7), European Union ($13.1), Mexico ($9.0), Germany ($3.8), Taiwan ($2.4), Italy ($2.1), South Korea ($1.9), Japan ($1.8), India ($1.7), France ($1.0), Saudi Arabia ($0.7), Singapore ($0.2), and Canada ($0.1).

  • The deficit with Japan decreased $1.4 billion to $1.8 billion in June. Exports increased $0.2 billion to $4.9 billion and imports decreased $1.3 billion to $6.6 billion.
  • The deficit with Singapore decreased $1.4 billion to $0.2 billion in June. Exports increased $0.3 billion to $2.1 billion and imports decreased $1.1 billion to $2.2 billion.
  • The deficit with Mexico increased $4.8 billion to $9.0 billion in June. Exports increased $4.8 billion to $15.5 billion and imports increased $9.6 billion to $24.5 billion.

 

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Tags: USA, ECONOMY, FINANCE, TRADE